Encore Energy Corp. · TSXV:EU
Encore Energy — Investor Presentation (January 2025)
42 slides from Encore Energy's investor presentation, January 2025
Slide 1: Domestic Uranium in the USA
Domestic Uranium in the USA January 2025 NASDAQ:EU | TSX.V:EU encoreuranium.com
Slide 2: Disclaimer
Disclaimer ©2025 enCore Energy Corp., All rights reserved. Unless otherwise noted, “enCore” and all other marks used in this presentation are trademarks of enCore Energy (the “Company”). Any reproduction or dissemination of any feature of this presentation, in whole or in part, or any use of this pr
Slide 3: United States Uranium Supply and Demand
United States Uranium Supply and Demand The World’s Largest Consumer and Minimal Uranium Production Declining US Supply: -200K lbs/yr Increasing US Demand: +48 MM lbs/yr Uranium concentrate production in the United States, 2000 to fourth-quarter 2023 P = Preliminary data Data source: U.S. Energy Inf
Slide 4: enCore Energy: America's Clean Energy Company
enCore Energy: America’s Clean Energy Company Reliable, Responsible Domestic Uranium South Texas Uranium Resource Properties: US In-Situ Recovery: Uranium Operations Pipeline Extraction process with proven Processing Uranium at Rosita CPP 74.41 Mlbs - M&I category economic advantages and and Alta Me
Slide 5: enCore Energy: America's Clean Energy Company
enCore Energy: Uranium Spot Price (USD$) America’s Clean Energy 150 Company 100 URANIUM enCore’s Goal: Establish an annual 50 uranium processing rate of 3 million pounds U3O8 per year by the end of 2026 and 5 million pounds U3O8 per year by the end of 2028. 0 2004 2006 2008 2010 2012 2014 2016 2018
Slide 6: enCore Corporate Summary
enCore Corporate Summary NASDAQ:EU | TSX.V:EU Analyst Coverage Marcus Giannini Market Capitalization (@$ 3.78 USD)* $ 700,609,429 USD Haywood Securities Inc. Shares Issued & Outstanding 185,346,410 Warrants** 20,491,084 Mike Kozak Cantor Fitzgerald Options 8,931,472 Fully Diluted*** 214,768,966 Alex
Slide 7: Board of Directors
Board of Directors Stacy Nieuwoudt William M. Sheriff, MSc Director Founder & Executive Chairman Ms. Nieuwoudt brings more than 20 years of energy and industrial As a pioneer in the uranium renaissance, he co-founded and sectors experience to the enCore Board and is recognized for her in-depth serve
Slide 8: Management
Management Paul Goranson, MSc, PE Chief Executive Officer Mr. Goranson has over 30 years of mining, processing and regulatory experience in the uranium extraction industry that includes both conventional and ISR mining. Previously served as Chief Operating Officer of Energy Fuels Inc., President of
Slide 9: enCore Energy in the Nuclear Fuel Cycle
enCore Energy in the Nuclear Fuel Cycle enCore’s role in the cycle Wellfield Processing Yellow Cake Transport Conversion Enrichment Fabrication Nuclear Domestic Oxygenated Plant (U3O8) Licensed and The The gas is The now Plant Consumers water liquifies The liquified The now yellow insured third yell
Slide 10: South Texas Central Processing Plants
South Texas Central Processing Plants Rosita ISR Uranium Central Processing Plant Alta Mesa ISR Uranium Central Processing Plant NASDAQ:EU | TSX.V:EU 10
Slide 11: In-Situ Recovery (ISR) environmentally superior & economically competitive
In-Situ Recovery (ISR) environmentally superior & economically competitive In-Situ Leach Mining of Uranium:, World Nuclear Association, May 2024 ➢ Injection wells which add oxygen to groundwater to dissolve the In-Situ Leach Mining of Uranium - World Nuclear Association uranium. ➢ Recovery wells pum
Slide 12: ISR Central Processing Plants
ISR Central Processing Plants Processing Plants Wellfield Resin Reloading Resin Recharge Filter Press Dryer Packaging Transport Conversion Oxygenated The uranium rich Uranium is removed The Filter Press The zero emissions Yellowcake the transport is Plant water liquifies solution is from the resin b
Slide 13: The Path Forward: Project Pipeline
The Path Forward Project Pipeline NASDAQ:EU | TSX.V:EU 13
Slide 14: South Texas
South Texas ▪ A prolific US district for sandstone-hosted ISR production with historic production of ~80 million pounds.* ▪ Well established and mature regulatory environment in a well-known energy producing State. ▪ 47 identified deposits district-wide with ~60 million pounds of in-situ mineralizat
Slide 15: Alta Mesa ISR Uranium Central Processing Plant & Wellfield
South Texas Alta Mesa ISR Uranium Central Processing Plant & Wellfield ▪ Extracting uranium as of Q2/2024.* ▪ Operates under a 70/30 joint venture with enCore Energy/Boss Energy Limited, with enCore as the managing partner. Collaboration Agreement on the use and joint technological advancement of en
Slide 16: Alta Mesa ISR Uranium Central Processing Plant & Wellfield
South Texas Alta Mesa ISR Uranium Central Processing Plant & Wellfield ▪ Initial uranium extraction strategy: phased ramp-up currently in progress from the wellfield located in Wellfield Production Authorization Area 7 (“Wellfield 7”), increasing processing progressively and consistently as addition
Slide 17: Rosita ISR Uranium Central Processing Plant
South Texas Rosita ISR Uranium Central Processing Plant ▪ One of enCore’s 3 licensed plants– processing uranium as of November 2023. ▪ Located ~60 miles west of Corpus Christi, Texas; covers over 3,500 acres of mineral rights and plant facilities. ▪ A fully licensed CPP with a processing capacity of
Slide 18: Dewey-Burdock Project
South Dakota Dewey-Burdock Project Priority following successful uranium extraction ramp up in South Texas. Edgemont uranium district in southwest South Dakota, approximately 60 miles from Cameco’s Crow Butte mine in Nebraska. Mineral rights and surface rights covering approximately 16,960 acres and
Slide 19: Dewey-Burdock Project
South Dakota Dewey-Burdock Project 2019 PRELIMINARY ECONOMICS ASSESSMENT ▪ Initial capital costs of US$31.7m is ‘sector leading’ for a project of this size ▪ Pre-tax IRR of 55% at US$55/lb long-term uranium Mine Life 21 years price (post-tax IRR of 50%) (incl. 2 year ramp-up) Annual Production 1.0 M
Slide 20: Gas Hills Project
Wyoming Gas Hills Project ▪ Located in Fremont and Natrona Counties, Wyoming. ▪ Wyoming has long history of successful ISR operations and is an Agreement state with positive permitting timelines. ▪ 100% ownership; road, power, natural gas and water access available nearby. ▪ Historic cumulative prod
Slide 21: Gas Hills Project
Wyoming Gas Hills Project Mine Life 7 years Annual Production 1.0 Mlbs/yr LOM Production 6.5 Mlbs 2021 PRELIMINARY ECONOMIC ASSESSMENT RESULTS Initial Capital Costs US$26.0M (US$3.99/lb) ▪ Potential satellite project to Dewey Burdock ISR Project Cash Operating Costs US$11.52/lb - Plant and well fiel
Slide 22: Crownpoint and Hosta Butte Project
New Mexico Crownpoint and Hosta Butte Project • A dominant land position in New Mexico – long term opportunity. • New Mexico’s Grants Uranium District has produced ~350 million pounds U3O8, or nearly 40% of all uranium mined in the US and is one of the largest uranium districts in the world. • A ‘ch
Slide 23: Crownpoint and Hosta Butte Project
A view of Laramide’s processing facility site on Section 24 New Mexico Crownpoint and Hosta Butte Project ▪ Crownpoint is permitted under Laramide Resources Ltd.’s Nuclear Regulatory Commission License to recover up to 3 million pounds per year. Crownpoint and Hosta Butte Current Mineral Resource Es
Slide 24: enCore's Contract and Sales Strategy
enCore’s Contract and Sales Strategy A blend of contracts with pricing collars and significant exposure to spot • 4.795 million pounds U3O8 in firm deliveries from 2024 to 2032; 1.6 million pounds U3O8 in optional deliveries 2026 – 2032; • 7 sales agreements with 6 U.S. nuclear utilities including 3
Slide 25: Corporate Social Responsibility
Corporate Social Responsibility As a leading In-Situ Recovery uranium producer enCore Energy has the potential to impact—and be impacted by—a range of sustainability topics. We are examining our sustainability impacts and priorities through a materiality assessment process, defining the topics that
Slide 26: Other Assets
Other Assets ▪ Exclusive access to privately-held databases of world-wide uranium data. ▪ Non-core asset divestment strategy: Several non-core assets that can provide value and reduce shareholder dilution. ▪ Investing in new technology: Prompt Fission Neutron (PFN) technology, providing enCore with
Slide 27: enCore Energy: Investment Summary
enCore Energy: Investment Summary Uranium Extraction Accelerated Expansion Clean, Reliable Energy Commenced processing at the With present 3.6 million pounds/yr Favorable conditions for South Texas Alta Mesa CPP processing capacity in South domestic uranium market 06/24 and Rosita CPP 11/23 Texas, a
Slide 28: www.encoreuranium.com info@encoreuranium.com
www.encoreuranium.com info@encoreuranium.com 214.295.1016 NASDAQ:EU | TSX.V:EU 28
Slide 29: enCore Energy resources
enCore Energy resources Other Assets NI 43-101 Mineral Resources* Alta Mesa Project, South Texas Resource Category Million Tons Grade eU3O8% Attributable U3O8 (M lbs.*) Indicated mineral resource (ISR) 1.57 0.109 3.41 Inferred mineral resource (ISR) 7.00 0.120 16.79 Dewey-Burdock Project, South Dako
Slide 30: NI 43-101 mineral resources
NI 43-101 mineral resources Other assets Juniper Ridge Project, Wyoming Project Million Tons Grade eU3O8% Attributable U3O8 (M lbs.*) Indicated mineral resource (non-ISR) 5.14 0.058 6.01 Inferred mineral resource (non-ISR) 0.11 0.085 0.18 Aladdin Project, Wyoming Project Million Tons Grade eU3O8% At
Slide 31: US uranium sector renaissance
US uranium sector renaissance Global Geopolitics Domestic Supply Needed Department of Energy Nuclear Fuel Bipartisan support for need for secure 60% of US uranium flows through Russia Strategic Uranium Reserve 2020 Energy Act: funding 3 Small and is “no longer a trustworthy source of Modular Reactor
Slide 32: Global uranium & nuclear environment
Global uranium & nuclear environment Uranium supply in a ~200 nuclear reactors under construction or planned – net deficit position an increase of more than 40% of current operating nuclear fleet. “Global realignment away from Russia in the nuclear fuel supply chain…new emphasis on western, and in p
Slide 33: Energy Returned On Invested (EROI) of Various Energy Sources
Energy Returned On Invested (EROI) of Various Energy Sources This chart compares the lifetime electricity output of different power sources to the energy needed to create and run them 24/7. For example, nuclear plants generate 75 times the energy they consume. 80 75 70 60 EROI, with energy storage*
Slide 34: United States Production History
United States Production History Among largest US ISR facilities, operating until uranium prices depressed post- Fukushima 21st Century US ISR Production 24 22.0 22 Historic Production (Mlbs U3O8) 20 18 16 14 12 11.1 10 8 6 4.6 4 2.9 2.8 2 1.3 0.7 0.6 0.4 0 Smith Ranch Crow Butte Alta Mesa Lost Cree
Slide 35: Uranium Spot Price: Timelines for Supply Shortage
Uranium Spot Price (USD) 150 6 100 Timelines for URANIUM 7 10 Supply 9 Shortage 5 4 50 Events in the 3 8 Uranium 1 2 March 2007- Sector: June 2009 Financial Crisis 0 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 History of Events 1. April 2003 McArthur River Mine Flood 6. February 2007 Rang
Slide 36: Uranium Supply & Demand Forecast
250 Million lbs U3O8 $104 200 Supply Gap (Required New Production) Uranium Supply & 150 Demand Forecast 100 Uranium Spot Price Established Production 50 1Source: Historical Ux Weekly Prices, UxC.com as of January 12, 2024 2Source: Uranium Market Study 2022 Issue 4, TradeTech, LLC 3Source: World Nucl
Slide 37: The nuclear industry
The nuclear industry Strong public and private backing for development of Small Modular Reactors (SMRs) ▪ A key part of the Department of Energy’s goal to develop safe, clean, and affordable nuclear power options. ▪ A multi-year cost-shared funding opportunity was issued to support innovative, domes
Slide 38: enCore Energy: America's Clean Energy Company
enCore Energy: America’s Clean Energy Company Fully funded uranium extraction strategy to provide clean, reliable and carbon-free domestic energy. NASDAQ:EU | TSX.V:EU 38
Slide 39: Windmills vs nuclear energy
Windmills vs nuclear energy 300m 13-15MW 9MW 200m 7MW 1750 MW nuclear 4MW power plant 2MW 100m 1.2MW 1-12KW 0.5MW 19th C 1990 1995 2000 2005 2010 2015 2025 Sources: Various, Bloomberg New Energy Finance NASDAQ:EU | TSX.V:EU 39
Slide 40: 1 nuclear energy plant vs wind power
1 nuclear energy plant vs wind power NASDAQ:EU | TSX.V:EU 40
Slide 41: Safe nuclear power
Safe nuclear power Comparative death rates per unit of electricity production Brown coal 32.72 Coal 24.62 Oil 18.43 Biomass 4.63 Gas 2.82 Hydropower 1.3 Wind 0.04 Nuclear 0.03 Solar 0.02 0 5 10 15 20 25 30 Source: Markandya & Wilkinson (2007); Sovacool et al. (2016); UNSCEAR (2008; & 2018) OurWorldI
Slide 42: References
enCore Energy References Conoco Inc., Internal Memorandum, Treeline Uranium Property, Wyoming, completed by Jerry D. Bush, certified Professional b. Sec 17-13N-9W estimated by Nelson, Jon, Uranium Resources McKinley County, New Mexico, 1978. Geologist (effective June 21, 2012). Inc., January 18, 200